QUOTEInternationalizing the Renminbi by Lynne Cockerell and Michael Shoory* The Chinese authorities have introduced reforms over the past few years aimed at increasing the use of the renminbi (RMB) in international trade and investment. This article outlines the recent developments, focusing in particular on the offshore market for RMB and the RMB trade settlement scheme.

These initiatives have been supported by the signing of bilateral local currency swap agreements between the People's Bank of China (PBC) and other central banks, including the Reserve Bank of Australia. http://www.rba.gov.au/publications/bulletin/2012/jun/9.htmlThis small Step is already the second (Iran) small step.Qualifikation einer Währung als ReservewährungEine Währung kann dann als Währungsreserven verwendet werden, wenn diese Reserven gegen Güter eingetauscht werden können, die von der dazugehörigen Volkswirtschaft bereit gestellt werden können. Beim Renminbi ist dies der Fall. Guthaben in Renminbi können zur Bezahlung von in China hergestellte Güter verwendet werden.Requirements for a Currency to be used as Currency ReservesA currency can be used as currency reserves if those reserves can be exchanged for goods provided by the related economy. This is the case with China's Renminbi. Assets can be used to buy goods entirely produced in China.

China's economic Pickup will force the USA to deliver even hightech goods to ChinaIn the case where China is holding the main bulk of its reserves in USD this is valid too. One day to come the americans will be forced to sell sophisticated technological products to China. If not China can force the USA to reduce their own foreign currency reserves simply by buying EUR, GBP and others against USD.further accounts on Renminbi used as Currency Reserve
Friday, May 18, 2012 OIL - IRAN - CHINA - USA - Iran's oil sales are credited in Chinese Renminbi - US-$ as well as EUR to be crowded out as world currency in the futurehttp://thomasramseyervolkart.blogspot.ch/2012/05/oil-iran-china-irans-oil-sales-are.htmlHidden parallel economic universe is about to emerge. OECD figures restricted to USD and EUR trade figures. Renminbi figures never are subject to OECD statistics. World trade volume not known anymore.